The spending cuts are «painful» for those affected, but necessary, according to Herro. He also favors Credit Suisse investing its capital in areas which promise sustainable growth, like wealth management in Asia.

Portfolio Shifts

Harris’ optimism goes even further: the fund house owns a total of at least 8.5 percent of Credit Suisse, when tallying together other investment vehicles, according to Bloomberg.

Credit Suisse shares now trade under 12 Swiss francs, a level last seen in the early 1990s. According to sources, some Swiss clients have begun dismantling high cash piles and moving into bonds in order to fall below the 100,000 franc threshold of cash guaranteed by the Swiss government should Credit Suisse run into more serious trouble.